EGYPT – The Government of Egypt has revealed that it will provide a US$188 million (LE 3 Billion) for water desalination projects in the Red Sea Governorate to enhance access to portable water in the region.
The funds according to a report by Egypt Today, will be provided by the Ministry of Finance to the Holding Company for Drinking Water and Wastewater.
According to Minister of Finance Mohamed Ma’it, submitting a guarantee to the Holding Company for Drinking was in line with a recently ratified law that allowed the ministry to guarantee the Holding Company for Drinking Water and Wastewater.
Ma’it in a statement explained that the financial guarantee will contribute to providing the necessary funding for the implementation of water desalination projects in “Hammam” areas in Matrouh, Safaga, Quseer and Marsa Alam in the Red Sea Governorate.
He said funding of the new water desalination projects was in a manner consistent with the state’s plan to maximize the utilization of available water resources using the latest technological mechanisms, and improving services provided to citizens.
The Finance Minister further added that Egypt aims to attract many investment activities in these areas in addition to serving the projects already established in them.
The Minister stressed the ministry’s keenness to provide the financing needs for projects that have been approved by the state development plan to ensure that it is implemented within specified timelines and in a way that is beneficial to citizens.
Ma’it revealed that the current fiscal year budget aims to complete the development process in various sectors to improve the citizens’ standard of living and create more job opportunities.
According to Ma’it, Egypt’s current budget provides support and grants for development sectors worth LE 6.4 billion to support the social housing program.
The social housing programme is expected to provide about 120 thousand housing units, according to the finance minister.
Ma’at also noted that the his government also had budgetary allocations for the support of Upper Egypt development, the funding of the rapid transport vehicle fund, and the ambitious project to deliver natural gas to 1.3 million families.